10 Best Fintech Startups in the Middle East 2023

In recent years, there has been an immense increase in the development of technology startups around the GCC regions like Oman, Qatar, KSA, UAE, Bahrain, and Kuwait. The innovations and expansion of tech startup helps the region’s prosperity. The future of the GCC countries nowadays is driven by E-commerce, Digital Transformation, and AI technology, which look promising and contribute to a favorable environment for the tech industry.

What is Fintech

Fintech, a contraction of “financial technology,” essentially involves harnessing technology’s power to enhance and streamline financial services and operations. It covers a broad spectrum of digital innovations and solutions, from mobile payment apps, online banking systems, cryptocurrencies, and peer-to-peer lending to robo-advisors, and much more.

When we look at its global impact, the fintech sector has witnessed remarkable growth worldwide during the last decade. As of 2020, the global fintech market boasted an approximate valuation of $111.8 billion, and projections indicate it could soar beyond $305 billion by 2025.

Furthermore, fintech isn’t limited to just one type of service; it spans a diverse array of offerings. These encompass digital payment solutions such as PayPal and Square, online lending platforms exemplified by entities like LendingClub, investment platforms typified by Robinhood, and digital banking services along the lines of Chime.

Let’s explore the top ten fintech startups in the Middle East:

1. QNB Group
2. Cwallet
3. Kem app
4. Enabil
5. Mamun
6. Skip cash
7. Spendwisor Inc
8. Tamara
9. PayTabs
10. Lean technologies

1. QNB Group

QNB is Qatar’s First Private Commercial bank and was founded in 1964. The bank’s ownership is divided into Qatar Investment Authority and Public partnership. They steadily expand their banks across the country and, within less than a decade, jump onto an international market with immense growth in the Middle East and other Countries.

According to Bloomberg marketing, they are being rated as one of the world’s strongest and safest banking systems.

QNB Startup Funding Details :

2.Cwallet

Cwallet is a fintech e-commerce startup that started on June 26, 2019. It is a mobile wallet or Digital bank that allows users to receive and send remittances and salaries on time anywhere with just one click away. They are operating as branchless banking services. This app will enable you to buy and pay online bills with a fast, secure, and hassle-free system.

The primary motive of this company is to facilitate people to transfer their money to others without any hustle of going to banks.

Cwallet Funding Details:

3. Kem App:

Kem app The fintech start-up Application was founded on March 15, 2021. It is operating under the name Kem Technologies. It is a P2P instant payment platform based on QR code technology in-app design, which is secure and safe to send money to your loved ones. Many people in GCC struggle with the complexities of transferring money, including the obstacles of IBAN codes and payment links.

It is designed specifically for these users by allowing them to provide comfortable, accessible services to manage their accounts more efficiently. The motive of this company is to offer payment services by making them accessible, simple, instant, and user-friendly.

Kem App Funding Details:

4. Enabil:

Enabil is a fintech startup founded in 2020. This app is designed for consumers in different restaurants to pay their bills with just one QR scan. Individuals will get their accounts on their table within 10 seconds. Consumers or customers don’t have to ask and wait for the bills, and It is a single-tap device that allows them to order and pay quickly. Minimizing the operating and waiting time.

Enabil Startup Funding Details:

5. Mamun:

Mamun is the first start-up of Oman’s Shariah-compliant crowdfunding platform, founded in 2019. It is a fintech firm that develops and provides finance and payments software solutions. The company offers services to the investment sectors such as banks, telecommunication companies, e-commerce platforms, and B2B service providers. The firm also gives the proper plan where you can invest and get a 4-30% reward annually for your investment.

Mamun Startup Funding Details:

6. Skipcash

Skipcash is a mobile payment or wallet app for consumers to buy and pay without effort. Skipcash has got everything in one app. This app makes consumers any digital payment using a specific QR code scan. The best part of this app is that there is no need to carry cash, physical cards, and POS devices. Skipcash allows consumers to link their cards securely, check their daily transactions, organize their payments, and have a virtual account for their kids.

SkipCash Startup Funding Details:

7. Spendwisor Inc

Spendwisor is a mobile payment app designed for shoppers and merchants to enjoy the cashless experience, cashback rewards, and discount coupons. It is a fintech startup that gives people ease and comfort when they shop. They provide a mobile wallet POS with an easy and secure method. The app makes life more accessible by finding a store nearby and purchasing by a simple QR code.

Spendwisor Startup Funding Details:

8. Tamara:

Tamara is a fintech startup that allows buying now and paying later. It will enable the user to split the payments with no hidden charges and no interest. The payment method is totally Shariah compliant. The users can buy from any store, and the amount can be split into three months and six months, which causes no burden to the customers.

Tamara Startup Funding Details:

9. PayTabs:

Tabs is considered the most advanced fintech startup. It ensures safe and secure online payments between merchants and sellers to grow their business in a safe environment. Pay tabs eliminate the element of fraud, making it more secure. The company facilitates payments for new entrepreneurs, startups, and B2B by providing e-commerce, mobile commerce, and payment solutions.

Paytabs Startup Fuding Details:

10. Lean Technologies

Lean Technologies  Lean Technologies is a fintech startup founded in 2019. It simplifies the process for developers to link the financial apps with the user’s bank accounts through their smartphones, which can help the users get loans and transfer money without any hassle. The company’s primary goal is to ensure the banking system is secure, practical, and trustworthy.

Lean Technologies Startup Details:

Conclusion:

In conclusion, the rise of fintech startups in the GCC region is playing a dynamic and transformative role in the realm of innovation. These startups have changed the region’s financial landscape. Introducing technology, e-commerce, AI, and entrepreneurship have recently thrived in GCC. With government support and ample investment opportunities, the GCC has created a safe environment for burgeoning businesses in different sectors.